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題名 Are Investors Always Compensated for Information Risk? Evidence from Chinese Reverse-Merger Firms
作者 陳嬿如
Chen, Yenn-Ru
江彌修
Chiang, Mi-Hsiu
翁嘉祥
Weng, Chia-Hsiang
貢獻者 會計系
關鍵詞 Information risk ; Financial reporting quality ; Reverse mergers ; Valuation
日期 2019-01
上傳時間 6-八月-2018 17:21:08 (UTC+8)
摘要 Using a data sample of 93 Chinese reverse-merger (CRM) firms listed in the U.S. over the period from 2000 to 2011, we find supporting evidence of poorer financial reporting quality exhibited by CRM firms relative to their respective US counterparts. Our main result indicates that while poor financial reporting quality induces information risk/asymmetry, higher (lower) information risk fails to be associated with higher (lower) expected returns. In contrast with prior studies that document information risk as non-diversifiable and a priced risk factor, the value relevance of the CRM firms’ financial reporting quality, in terms of information asymmetry-based premiums, is found to be remote.
關聯 Review of Quantitative Finance and Accounting, Vol.52, No.1, pp.159-196
資料類型 article
DOI https://doi.org/10.1007/s11156-018-0706-9
dc.contributor 會計系-
dc.creator (作者) 陳嬿如zh_TW
dc.creator (作者) Chen, Yenn-Ruen_US
dc.creator (作者) 江彌修zh_TW
dc.creator (作者) Chiang, Mi-Hsiuen_US
dc.creator (作者) 翁嘉祥zh_TW
dc.creator (作者) Weng, Chia-Hsiangen_US
dc.date (日期) 2019-01-
dc.date.accessioned 6-八月-2018 17:21:08 (UTC+8)-
dc.date.available 6-八月-2018 17:21:08 (UTC+8)-
dc.date.issued (上傳時間) 6-八月-2018 17:21:08 (UTC+8)-
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/119199-
dc.description.abstract (摘要) Using a data sample of 93 Chinese reverse-merger (CRM) firms listed in the U.S. over the period from 2000 to 2011, we find supporting evidence of poorer financial reporting quality exhibited by CRM firms relative to their respective US counterparts. Our main result indicates that while poor financial reporting quality induces information risk/asymmetry, higher (lower) information risk fails to be associated with higher (lower) expected returns. In contrast with prior studies that document information risk as non-diversifiable and a priced risk factor, the value relevance of the CRM firms’ financial reporting quality, in terms of information asymmetry-based premiums, is found to be remote.en_US
dc.format.extent 508287 bytes-
dc.format.mimetype application/pdf-
dc.relation (關聯) Review of Quantitative Finance and Accounting, Vol.52, No.1, pp.159-196-
dc.subject (關鍵詞) Information risk ; Financial reporting quality ; Reverse mergers ; Valuationen_US
dc.title (題名) Are Investors Always Compensated for Information Risk? Evidence from Chinese Reverse-Merger Firmsen_US
dc.type (資料類型) article-
dc.identifier.doi (DOI) 10.1007/s11156-018-0706-9-
dc.doi.uri (DOI) https://doi.org/10.1007/s11156-018-0706-9-